With the new syndicated debt facility, the money transfer firm plans to support its existing and future working capital needs.

NatWest relationship director Matt Whittle said: “We are delighted to continue our support of TransferWise; NatWest has worked closely with the team to structure a bespoke funding solution that is reflective of the company’s exponential growth and unique business model. We look forward to continue working with the team and supporting their future growth ambitions.”

Furthermore, TransferWise currently has a client base of over four million. The firm will move the £3bn of money on behalf of its clients on a monthly basis.

Starling Bank partners with the Post Office

The Starling Bank partnership with the Post Office will enable the digital challenger bank to offer Everyday Banking services to both its personal and business customers.

The Post Office has more branches than all the UK’s banks and building societies combined. Furthermore, this includes around 6000 branches in rural areas. It means that 99.7% of people in the UK live within three miles of their nearest branch. In addition, almost 93% live within just a mile.

The Starling Bank partnership will enable the challenger to provide a solution to the more than 1,500 rural ‘banking deserts’.

These places are where rural communities have been left without any access to a local bank branch.

DBS to introduce mobile-based QR payment collection solution

Singaporean lender DBS has announced plans to introduce a mobile-based QR payment collection solution called DBS MAX, which will enable SMEs to receive funds from their customers and vendors in real-time via a mobile app.

After installing the solution into their mobile device, users have to generate a QR code on their mobile device.

A payment will be completed after customers scan the code and receive a payment notification.

The received funds would be transferred to the business’ bank account in real-time. Besides, sales will be consolidated automatically in a report at the end of a day.

Available from 26 November 2018 for SME and corporate customers, the new proposition integrates with PayNow.

Automation in Action

The latest companies to use AI to streamline their workforce

Pandora Automates 5% of Workforce

Music streaming service and Spotify rival Pandora has announced that it is laying off about 5% of its workforce in a bid to save around $45m a year. Jobs across several departments are being automated, including advertising, marketing and investment, as part of a wider restructuring to the company in a bid to maintain its presence in the streaming market.

Online retail giant Amazon has cut hundreds of jobs at its Seattle headquarters as the company reorganises to remove older departments and shift a growing number of tasks onto AI-based software. The company, which is enjoying strong growth, is reportedly restructuring to support future ventures, cutting some operating costs in the process.

Canada-based Suncor Energy has announced the layoff of several hundred workers as the company introduces autonomous haul trucks into its Alberta-based oil sands operations. The layoffs, which have prompted strong reactions from unions, are likely to be only the start, with Suncor planning to build a fleet of over 150 driverless trucks over the next six years.

Once one of the biggest employment sources in the country, India’s IT industry saw layoffs totalling over 56,000 in 2017, and is expecting to see further job cuts in the coming year. The layoffs have been largely due to digitisation and automation, which have dramatically reduced the number of workers required to maintain current operational levels.